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Real estate
Education Loan

Education loans are offerd by various banks in India. Loans for higher studies can be availed by students and can be repaid after a comfortable period of time, making it suitable for students to repay the loan after acquiring a job. Loans for a term of 5 - 7years after repayment holiday is given by various bank be it for India or overseas education. 
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Courses Eligible for Study in India:

  • Graduation Courses : B.A., B.Com, B.Sc., etc.
  • Post Graduation Courses : Masters and Ph.D.
  • Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University.
  • Courses like ICWA, CA, CFA, etc.
  • Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
  • Courses offered in India by reputed foreign Universities.


Evening Courses of approved Institutes.
  • Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Courses Eligible for Study Abroad:
  • Graduation : For job-oriented professional/ technical courses offered by reputed Universities.
  • Post Graduation : MCA, MBA, MS, etc.
  • Courses conducted by CIMA - London, CPA in USA etc


Expenses covered by the Loan :

  • Fees payable to College/ School/ Hostel.
  • Examination/ Library/ Laboratory Fee.
  • Purchase of Books/ Equipments/ Instruments/ Uniforms.
  • Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
  • Travel Expenses/ Passage Money for studies abroad.
  • Purchase of Computers : Essential for completion of the Course.
  • Any other expenses required to complete the Course like study tours, project work, thesis, etc.


Life Insurance Coverage:

To ensure security to student's and borrower's life and against their loan liability and additional loan componant for payment of one-time premium for such insurance coverage my be sanctioned by bank on request from the customer. Hence its always better to opt for a insurance cover.

Security

  • Upto Rs. 4.00 Lacs  None
  • Above Rs. 4.00 Lacs  Collateral in the form of a suitable third party guarantee.


Tax Benefit
Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.


Documentation Required
  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • Borrower's Bank account statement for the last six months
  • Income tax assessment order, of last 2 years
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income (i.e. Salary slips/ Form 16 etc)

Banks offering education loans in India